407

South Africa’s draft Upstream Petroleum Resources Development Bill was published for public comment on 24 December. The draft immediately attracted criticism for its generous provision of a 20% carried interest for the state in upstream projects, plus a minimum 10% black-owned interest. Comments must be submitted to the Department for Mineral Resources and Energy by 21 February 2020.The bill provides for the state, via state oil company PetroSA, to take a 20% carried interest in exploration and production rights, including voting rights and a presence on the joint operating committee.